Russians are estimated to hold more than €20bn of the €68bn deposited in Cypriot banks. Some €38bn of the total is in accounts liable for the levy, suggesting that Russians could forfeit around €3bn. If the Cypriot government balked at the bank levy, the IMF and German officials were likely to demand even stiffer terms, including a "bail-in" arrangement whereby account holders with more €100,000 would forfeit up to 40% of their savings in return for shares in restructured banks.

>snip<

If an agreement is found, the proposed deal would still need to pass the Cypriot parliament probably by Monday at the latest. It was clear that whether Cyprus accepted or rejected the bailout terms, its economy and banking sector faced maximum disruption and turmoil. "There are only hard choices left," said Rehn.

No winners here. IMF has stomped on its crank, Angela is bent over the kitchen table, the Euro is still as shakey as a dog shitting razor blades and Cyprus is cornholed.

Under the strict terms of a European-Union financed cleanup of Spain's banking industry, the Fund for Orderly Bank Restructuring is forcing investors to bear heavy losses before injecting public funds into the banks. In Bankia, the nominal value of its shares will be reduced to €0.01 from €2 and the nominal value of its preferred shares and subordinated debt will be reduced to €4.84 billion ($6.29 billion) from €6.91 billion, the bank-restructuring fund said.

Under the strict terms of a European-Union financed cleanup of Spain's banking industry, the Fund for Orderly Bank Restructuring is forcing investors to bear heavy losses before injecting public funds into the banks. In Bankia, the nominal value of its shares will be reduced to €0.01 from €2 and the nominal value of its preferred shares and subordinated debt will be reduced to €4.84 billion ($6.29 billion) from €6.91 billion, the bank-restructuring fund said.

They had no choice other than to cut Cyprus out of the EU ~ and the LNG deposits outweigh the bank deposits. It's a helluva haircut and those pesky offshore 'investors' are not going to be all shits and giggles. Ramifications will certainly be interesting. I'm really kinda' surprised there was no last minute rescue from Russia ~ and that could be worrisome, because if they left billions on the table here...there must be a mega-shït load of gain sitting in the wings.

(03-25-2013, 03:40 PM)DaJavoo Wrote: They had no choice other than to cut Cyprus out of the EU ~ and the LNG deposits outweigh the bank deposits. It's a helluva haircut and those pesky offshore 'investors' are not going to be all shits and giggles. Ramifications will certainly be interesting. I'm really kinda' surprised there was no last minute rescue from Russia ~ and that could be worrisome, because if they left billions on the table here...there must be a mega-shït load of gain sitting in the wings.

Could be Putin is content with this. all that oligarch money (or 60% of it lol) gets repatriated to Russia under his control and he never lifted a finger.

The next stage

Dutch Bank ABN Amro has sent a letter to clients this weekend informing them that they will halt extradition and physical delivery of their clients’ gold holdings effective April 1st!